Flexible Spending Account (FSA)

Tina Sadowski

Flexible spending accounts can save you money on your health care and dependent care expenses. By putting a little money aside out of each paycheck pre-tax, you will save hard earned dollars on qualified expenses. Aebly & Associates has the knowledge and necessary tools to help you manage your accounts and help make the reimbursement process easier for you.

Flexible Spending Accounts are used to pay for qualified expensive that are not covered under other insurance plans. These “expenses” include:

Health Plan Deductibles

Prescription Drugs

Dental Services

Eye Exams

Co-Pays

Co-Insurance

What is an FSA?

A Flexible Spending Account or FSA are benefit accounts that are sponsored by your employer and allow you to pay for certain qualified insurance-related expenses on a pre-tax basis. There are a few different types of FSAs;

Unreimbursed Healthcare Accounts

Dependent Care Accounts

Premium Reimbursement Accounts

Adoption Assistance Accounts

How an FSA Works:

Every year, your company will hold an “Open Enrollment”. At this time, you will estimate the amount of money you might pay out of pocket for health-related expenses for the upcoming plan year. It is a good idea to be conservative in this amount, and to make sure that your expenses are qualified by your FSA plan. If your employer allows, you may roll over up to $500 in unused funds to the following plan year. Once you’ve elected your amount, the gross amount will be divided into equal installments coinciding with your paychecks through the plan year. As you incur expenses, just swipe your “My Benny” debit card like any other credit card at the point of service (or file a claim manually using your receipt) and we will reimburse you for qualified expenses.

Why You Would Use an FSA:

The main reason you would be inclined to use a Flexible Spending Account is to save your hard-earned money! Your weekly contributions are deducted before taxes, including federal, state, Social Security and Medicare. Overall, you will generally save between 15% and 40% of your contributions, depending on your income. In addition, an FSA is a great way to budget and manage your typical out of pocket medical expenses each year.

Some Resources That We Offer:

Enrollment forms

Account Statements through the “Employee Portal”

Download generic FSA claim forms

Communication Materials

Outstanding Customer Service

Plan documents

Claim Processing

24/7 access via the internet

A robust online system where you can check your up-to-the-minute plan balances, view all claim and payment detail, file and submit claims, view upcoming reimbursements, order new (or report lost) Benny Cards